Latest on Regulation & Reform – Page 490
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EU’s McCreevy says 20 states set for directive
EUROPE – Charlie McCreevy, internal markets chief at the European Commission, says 20 European Union countries will be “on board” with the pension fund directive by the end of the year.
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DeAM unveils German multi-manager funds
GERMANY - Deutsche Asset Management has rolled out the first of two multi-manager funds for the German-speaking institutional market, yet no longer believes demand for the funds will be as robust as previously estimated.
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UK sees “several hundred” cross-border schemes
UK – The UK’s Pensions Regulator says there may be “several hundred” UK pension funds operating across borders – although there is no precise figure.
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Fitch sees risk in CSAM investment teams
EUROPE – Fitch Ratings says Credit Suisse Asset Management is facing risks about the stability of its processes and investment teams.
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Goldman: pension funds to sell €250bn of equities
GLOBAL – Goldman Sachs has estimated that pension schemes globally will remove some €250bn from equities – and buy around €150bn in fixed income.
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French banks’ CACEIS venture now operational
FRANCE – CACEIS, a new securities services joint venture between two major French banks, is now operational.
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Threadneedle sells MM multi-management arm
UK - Threadneedle Asset Management has told its multi-management arm MM to Investment Manager Selection for an undisclosed price.
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Sweden eyes tax change for foreign IORPs
SWEDEN - A legislative proposal has been submitted regarding the taxation of foreign IORPs, Alex Inkapool writes.
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Swiss in pension fact-finding trip to Brussels
SWITZERLAND - In recognition of growing EU involvement in pensions, Swiss-based think-tank Innovation Zweite Säule (IZS) has decided to turn its attention to Brussels.
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Horeca to expand private equity
NETHERLANDS – Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering industry fund, is looking at expanding its private equity coverage.
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F&C sees €1.5bn for Citrine fund
UK – Asset manager F&C, which this week announced the departure of chief executive Howard Carter, says its Citrine hedge fund could go to €1.5bn.
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CEIOPS sees supervisory challenges in directive
EUROPE – CEIOPS, the European pensions supervisory committee, says there are “particular challenges” in the transposition of the pensions directive due to differences at the member state level.
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Akkermans Stroobants director Andre dies
BELGIUM – Antwerp-based firm Akkermans Stroobants & Partners are looking to appoint a new independent board director following the death of Eric Andre, who passed away at the end of July.
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NAPF calls for standing commission on pensions
UK – The National Association of Pension Funds has called for an independent standing commission on pensions.
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Shell pension chief sees three sources of return
NETHERLANDS – Sijb Bartlema, chief investment officer of Shell Pensioenfonds, has explained why he thinks there are three sources of investment return (Corrects spelling of name).
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ECB’s Trichet backs asset management regulation
EUROPE – Jean-Claude Trichet, the president of the European Central Bank, says the ECB backs the idea of “regulatory intervention” in asset management.
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Uhlmann joins INDEXCHANGE board
GERMANY – European exchange traded funds leader, INDEXCHANGE Investment, has appointed dbi’s Thomas Uhlmann to its management board in a strategic strengthening of its international sales body.
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Russell predicts new alternative investing highs
GLOBAL – Hedge fund use by European institutions has increased dramatically in 2005. Their use by continental respondents to the Russell Investment Group’s seventh annual report on alternative investment the doubled to 48% from 24% in 2003.
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Threadneedle names UK institutional head
UK – Threadneedle Investments has named Madeline Forrester as its new head of UK institutional business, effective immediately.
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SPC reveals obstacles to UK pension funds
UK – A recent survey by the Society of Pension Consultants (SPC) has found that complexity and compliance are rivalling cost as the biggest stumbling blocks for employers trying to set up pension schemes in the UK.
